Globalisation, Global Business and Transnational Corporations
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Abstract
The process of globalization should be conceptualized as a complex interaction between transnational corporations (TNCs) and the state that occurs in the context of the dynamic technological en‐ vironment. Although TNCs have an extremely important role in globalization, they have not superseded other traditional economic institutions, especially the state. The localization of economic activities remains fundamental, because every economic activity must be grounded in specific locations.
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